Coinbase acqui-hires Memo.AI technical team management tool

Coinbase, the white-hot cryptocurrency exchange, is bringing on more engineering talent to help it continue to capitalize on the crypto boom.

The company has announced that it’s bringing on the engineering team from Memo.AI, a two-year-old startup that built a Slackbot for helping technical teams manage notes and instructions.

The small SF startup announced yesterday that it will be shutting down its service on March 16 and that it won’t be accepting any sign-ups in the meantime. In a blog post, co-founder Mircea Pașoi admitted that the company failed to “succeed in finding product/market fit and building a sustainable business.” Users will have until the service shuts down to export their data while active paying teams will be refunded.

“We decided to join Coinbase because we’re super excited about the company’s mission of building an open financial system,” Pașoi wrote.

SV Angel, Bloomberg Beta, Version One Ventures and Instagram Product Head Kevin Weil were among the startup’s investors. Memo.AI’s co-founders previously started Summify, a social network summation tool which was acquired by Twitter in 2012.

For Coinbase, the acquisition comes at a time where the team is rapidly scaling its engineering efforts to account for the sudden boom in cryptocurrency investments. The acquihire of the Memo.AI team brings on much-needed additional engineers and ones that have experience with creating pipelines to help technical teams run.